TeraWulf (WULF) Q3 2025 earnings summary

Executive summary

• Achieved a transformational quarter with rapid expansion in high-performance computing (HPC), signing a 10-year, 360 MW IT load agreement with FluidStack, backstopped by Google, at Lake Mariner, generating ~$670M annual revenue and $565M net operating income.

• Closed $3.2B in senior secured financing, fully funding Lake Mariner's high-power compute buildout and supporting 522.5 MW of AI/HPC data centers.

• Expanded partnerships with FluidStack and Google via joint ventures for the Abernathy HPC Campus in Texas, adding 168 MW with expansion potential to 600 MW and $1.3B Google credit support.

• Signed over $17B in long-term, credit-enhanced HPC customer contracts, including lease backstops from Google.

• Completed the acquisition of Beowulf E&D, expanding datacenter capabilities, and sold the Nautilus JV to focus on wholly owned infrastructure.

Financial highlights

• Q3 2025 revenue rose 87% year-over-year to $50.6M, including $7.2M from initial HPC lease revenue.

• Net loss for Q3 2025 was $455.1M, driven by a $424.6M non-cash loss from warrant/derivative liabilities.

• Adjusted EBITDA improved 25% quarter-over-quarter to $18.1M, the strongest since the 2024 halving.

• Cash and restricted cash at quarter-end was $712.8M; total assets $2.5B; total liabilities $2.2B.

• Total outstanding debt was approximately $1.5B as of September 30, 2025.

Outlook and guidance

• Targeting 250-500 MW of new HPC signings annually, up from prior 100-150 MW guidance, with a future capacity pipeline of 750-1,500 MW.

• Confident in ability to execute on increased targets due to improved process visibility and strong demand.

• Large-scale HPC deployment at Cayuga set to begin in 2027, with expansion potential at Abernathy JV.

• Intend to continue Bitcoin mining through at least end of 2026, subject to market conditions and site expansion.